Arm Ltd, the Softbank Group Corp unit preparing for an initial public offering (IPO), is to cut as much as 15 percent of its workforce, part of an effort to rein in spending and focus on fewer projects.
The British firm is to shed 12 to 15 percent of its staff in the UK and the US, CEO Rene Haas told staff in a memo, a person familiar with the matter said.
The high end of that range would involve close to 1,000 jobs, but most of the cuts would not affect engineers, the person said.
Photo: Bloomberg
Haas last month took the top job at the semiconductor designer following the collapse of a proposed sale to Nvidia Corp for US$40 billion.
Since the deal fell apart, Softbank has reverted to a previous plan to cash in on its investment by publicly listing Arm shares.
Haas is shaking up one of the most important firms in the US$500 billion semiconductor industry. Arm’s designs and technology are ubiquitous, playing key roles in everything from the most powerful data-center chips to Apple Inc’s iPhones.
The firm had been spending heavily to expand operations after being bought by Softbank in 2016.
“Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline,” the firm said. “Unfortunately, this process includes proposed redundancies across Arm’s global workforce.”
The contents of the internal memo were earlier reported by the Telegraph.
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